Mineralys Therapeutics (NASDAQ:MLYS) Shares Gap Down on Disappointing Earnings

Mineralys Therapeutics, Inc. (NASDAQ:MLYS) shares gapped down prior to trading on Wednesday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $27.33, but opened at $25.12. Mineralys Therapeutics shares last traded at $27.0920, with a volume of 128,970 shares.

The company reported ($2.85) EPS for the quarter, missing the consensus estimate of ($0.55) by ($2.30).

Analyst Upgrades and Downgrades

MLYS has been the topic of a number of research reports. Wall Street Zen downgraded shares of Mineralys Therapeutics from a “hold” rating to a “sell” rating in a research note on Saturday, May 9th. Jefferies Financial Group restated a “hold” rating on shares of Mineralys Therapeutics in a research note on Monday, June 1st. Weiss Ratings reiterated a “sell (d-)” rating on shares of Mineralys Therapeutics in a research note on Friday, July 17th. TD Cowen initiated coverage on Mineralys Therapeutics in a report on Monday, April 27th. They set a “buy” rating on the stock. Finally, HC Wainwright restated a “buy” rating on shares of Mineralys Therapeutics in a report on Monday, June 1st. Six investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Mineralys Therapeutics currently has an average rating of “Moderate Buy” and an average target price of $49.33.

Insiders Place Their Bets

In related news, Director Daphne Karydas sold 3,000 shares of the business’s stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $25.00, for a total value of $75,000.00. Following the transaction, the director owned 6,200 shares in the company, valued at approximately $155,000. The trade was a 32.61% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Jon Congleton sold 75,000 shares of the stock in a transaction dated Tuesday, June 30th. The shares were sold at an average price of $26.14, for a total value of $1,960,500.00. Following the completion of the transaction, the chief executive officer directly owned 614,321 shares of the company’s stock, valued at $16,058,350.94. This represents a 10.88% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 215,143 shares of company stock valued at $5,565,703 over the last ninety days. Insiders own 18.94% of the company’s stock.

Hedge Funds Weigh In On Mineralys Therapeutics

Several institutional investors and hedge funds have recently made changes to their positions in the business. AQR Capital Management LLC bought a new stake in shares of Mineralys Therapeutics in the first quarter worth $550,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Mineralys Therapeutics by 4.3% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 17,085 shares of the company’s stock worth $271,000 after acquiring an additional 702 shares in the last quarter. Goldman Sachs Group Inc. grew its holdings in Mineralys Therapeutics by 166.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 298,395 shares of the company’s stock worth $4,739,000 after acquiring an additional 186,480 shares in the last quarter. Woodline Partners LP bought a new stake in shares of Mineralys Therapeutics in the 1st quarter worth about $757,000. Finally, Creative Planning bought a new stake in shares of Mineralys Therapeutics in the 2nd quarter worth about $336,000. 84.46% of the stock is currently owned by hedge funds and other institutional investors.

Mineralys Therapeutics Stock Performance

The firm has a market cap of $2.24 billion, a price-to-earnings ratio of -13.15 and a beta of 0.68. The business’s 50 day moving average price is $26.38 and its 200-day moving average price is $27.65.

Mineralys Therapeutics Company Profile

Mineralys Therapeutics, Inc, a clinical-stage biopharmaceutical company that develops therapies for the treatment of hypertension and chronic kidney diseases. It clinical-stage product candidate is lorundrostat, a proprietary, orally administered, highly selective aldosterone synthase inhibitor for the treatment of cardiorenal conditions affected by abnormally elevated aldosterone. The company was formerly known as Catalys SC1, Inc and changed its name to Mineralys Therapeutics, Inc in May 2020. The company was incorporated in 2019 and is headquartered in Radnor, Pennsylvania.